A study of 100,000 employer customers by UnumProvident created a snapshot of employee benefits and some insights into its potential future.
Key findings of the study included these:
–Women outpace men as purchasers of supplemental products–most significantly as buyers of 69% of disability policies and 64% of critical illness policies.
–The prime age group for buying supplemental products is 30 to 49.
–Supplemental insurance products are typically sold in integrated packages. Stand-alone sales only occur about 20% of the time.
–31% of UnumProvident's critical illness policies are sold in the health services industry.
–80% of manufacturers report having trouble finding qualified applicants with the educational background and skills they need. Manufacturers provide among the highest levels of benefits for employees.
–In the past 3 years, 34% of group long-term disability customers opted for 100% employee-paid plans.
–In the past 3 years, 55% of manufacturers chose monthly benefit levels in the $5,000 to $7,499 range for group LTD insurance. About 20% chose levels of more than $10,000 per month for this product.
–In recent years, employers have chosen higher benefit amounts for group short term disability, with more than 55% of cases selecting more than $500 in weekly benefits.
–Trevor Thomas
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